Benchmark Sensex rebounded about 425 points to end well above the 38,000-mark on Tuesday, breaking its two-day falling streak on gains in heavy-weights RIL, SBI and ICICI Bank amid persistent foreign fund inflows and positive global leads.
The broader NSE Nifty too inched closer to the key 11,500 mark.
A stronger rupee also supported the rally. The rupee strengthened 19 paise to 68.77 against the dollar (intra-day).
Markets commenced on a strong note largely in line with a firming trend at other Asian bourses but remained range-bound as investors were cautious. Buying activity gathered momentum in late afternoon trade that helped both the indices Sensex and Nifty to regain their key levels.
The 30-share Sensex stayed in the green for the better part of the session and hit the day’s high of 38,297.70 as buying pace gathered momentum towards the fag-end.
It finally ended at 38,233.41, up 424.50 points, or 1.12%.
The gauge had lost over 575 points in the previous two sessions, tracking a sell-off across global markets.
The broader NSE Nifty climbed 129 points, or 1.14%, to close at 11,483.25 Intra-day, it shuttled between 11,495.90 and 11,352.45.
Oil-to-telecom conglomerate Reliance Industries emerged as a prominent gainer in the Sensex pack, spurting over 3%.
Foreign institutional investors (FIIs) remained net buyers, pumping in ₹150.40 crore, while domestic institutional investors (DIIs) sold shares worth ₹12.52 crore on Monday, provisional data showed.
Globally, Asian and European stocks bounced back, reversing part of their recent losses, as U.S. Treasury yields edged higher, easing concerns about a recession in the world’s largest economy.
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